Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference
purposes. In the event of any discrepancy between this translated document and the original Japanese document,
the latter shall prevail.
March 7, 2019
Company name: YAMAZEN CORPORATION
Representative: Yuji NAGAO, President, CEO & COO(Code No.8051; The first section of Tokyo Stock Exchange)
Inquiries: Yoshihiro OZAKI, Manager, IR & PR Dept.
TEL 06-6534-3095

Notice Regarding Start of Consideration for Introduction of Board Benefit Trust (BBT)YAMAZEN CORPORATION (the “Company”) hereby announces that the Board of Directors, at a meeting
held on March 7, 2019, resolved to consider the introduction of a new share-based remuneration plan called“Board Benefit Trust (BBT)” (the “Plan”) for Directors (excluding Directors who are Audit and Supervisory
Committee Members and outside Directors) and Corporate Officers of the Company (collectively, the “Directorsand Other Officers”), as described below.
Details of the Plan will first be resolved at a meeting of the Board of Directors to be held at a later date. After
this, the Company plans to submit the proposal thereon to the 73rd Annual General Meeting of Shareholders to beheld on June 26, 2019 (the “General Meeting of Shareholders”).

1. Background and purpose for introduction
The purpose of considering the introduction of the Plan is to further clarify the linkage of the remuneration for
Directors and Other Officers and the Company’s business performance and its share value, and to enhance theirmotivation to contribute to the improvement of the Company’s business performance in the medium to long term
and the enhancement of its corporate value by sharing not only the benefit of the rise in share prices but also therisks of a decline in share prices with the Company’s shareholders.
Introduction of the Plan is subject to approval at the General Meeting of Shareholders.

2. Overview of the Plan
The Plan is a performance-linked share-based remuneration plan under which the Company’s shares areacquired through a trust (the “Trust”) using money contributed by the Company as the financial funds, and theDirectors and Other Officers are provided with the Company’s shares and an amount of money equivalent to themarket value of the Company’s shares (the “Company’s Shares, etc.”) through the Trust according to such factorsas their titles and the degree of attainment of the performance target, pursuant to the “Share Benefit Regulations
for Directors and Officers” established by the Board of Directors of the Company.
The Directors and Other Officers shall receive the Company’s Shares, etc. upon their retirement, in principle.

<Structure of the Plan>(i) Establishment of the Share Benefit
Regulations for Directors and Officers[Settlor]
YAMAZEN CORPORATION(ii) Trust of money(iii) Acquisitionof shares(iv) Grant of points(v) Non-exercise of
voting rights[Trustee]Mizuho Trust & Banking Co., Ltd.
(Re-trust trustee: Trust & Custody
Services Bank, Ltd.)

Instruction ofnon-exercise ofvoting rights(vi) Provision of theCompany’s Shares, etc.

Directors and Other Officers

Trust administrator

Acquisitionof rights tobenefits[Beneficiaries]
Retired Directors and OtherOfficers who fulfill thebeneficiary requirements

The Company’s shares(i) After the proposal regarding remuneration for officers in the Plan is approved at the General Meeting ofShareholders, the Company will establish the Share Benefit Regulations for Directors and Officers within thescope of the framework approved at the General Meeting of Shareholders.
(ii) The Company will entrust the money within the limit of the approval at the General Meeting of Shareholders
as described in (i).
(iii) The money entrusted as described in (ii) is used by the Trust as financial funds for acquisition of theCompany’s shares through the stock market on which the Company’s shares are listed or by subscribing to theCompany’s treasury shares disposed.
(iv) The Company will grant points to the Directors and Other Officers based on the “Share Benefit Regulations
for Directors and Officers.”(v) In accordance with the instruction of the trust administrator independent of the Company, the Trust shall not
exercise the voting rights for the Company’s shares within the Trust account.
(vi) The Trust will provide the retired Directors and Other Officers who fulfill the beneficiary requirements
stipulated in the “Share Benefit Regulations for Directors and Officers” (the “Beneficiaries”) with theCompany’s shares in proportion to the number of points that each of the Beneficiaries have been respectivelygranted. However, if the Directors and Other Officers fulfill the requirements stipulated in the “Share Benefit
Regulations for Directors and Officers,” the Trust will provide them with an amount of money equivalent to
the market value of the Company’s shares for a certain proportion of their points.
(Reference) [Outline of the Trust] (planned)(i) Name:(ii) Settlor:(iii) Trustee:

Board Benefit Trust (BBT)YAMAZEN CORPORATION
Mizuho Trust & Banking Co., Ltd.
(Re-trust trustee: Trust & Custody Services Bank, Ltd.)(iv) Beneficiaries:
Retired Directors and Other Officers who fulfill the beneficiary requirements
stipulated in the Share Benefit Regulations for Directors and Officers(v) Trust administrator:
The Company plans to select a third party that has no interest in theCompany(vi) Type of trust:
Trust of money other than money trust (third-party-benefit trust)(vii) Class of shares to be acquired: The Company’s common shares*The above is an outline of the Plan in its current form. Changes to the Plan may be made as a result of theconsideration.

END